Accounting software firm MYOB's plan to acquire the the accounting practice software unit of rival firm Reckon for $180 million will remain in limbo, after the competition regulators in Australia and New Zealand said they needed longer to assess the market implications of the deal.

MYOB told investors on Friday morning that it had received notice that both the Australian Competition and Consumer Commission and the New Zealand Commerce Commission would extend their reviews, which will assess whether the combined entities would be left with no viable competitor in the two markets.